Four-fifths of the general public fear that declining competition in the banking sector with the pending exits of Ulster Bank and KBC Bank Ireland will negatively affect consumers, according to a survey by Metamo.
Metamo, a joint venture between Fexco and 16 of Ireland’s largest credit unions, has called for greater innovation and collaboration in the credit union sector as credit unions prepare to increase their market share with the exits of the pillar banks.
Research conducted by Amárach Research shows the most important thing to consumers is the credit unions increase their digital offering ahead of lower interest rates and a greater insurance product mix.
The results of the survey will form part of a discussion on the future of credit unions at the launch of Metamo’s Quantum lending system, which uses Open Banking technology to reduce paperwork.
Speaking before the event, Alan Kelly, CEO of Metamo, said: “Credit unions are a vital and trusted pillar of their communities, but many are challenged to bridge the gap to compete with other financial services institutions. They must innovate to meet consumer needs.
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“At Metamo, we are dedicated to creating the technology and services to allow credit unions to transform and grow to meet member demands and strengthen bonds with their communities.”
Quantum AI can grant approvals in as little as three minutes, where previously the paper-based system could take several working days.
Minister Jennifer Carroll MacNeill stated: “I want to help Credit Unions to compete, grow and thrive in what has become a fast paced and highly competitive market, especially with the onset of new technologies which brings financial services directly to people's fingertips."
David Malone, CEO of the Irish League of Credit Unions, commented: “The continued digitisation of the credit union sector serves to further enhance the unrivalled excellent customer service credit union members experience on a daily basis.
“The Irish League of Credit Unions recognises the importance of combining 'tech' and 'touch' to offer a full range of choices to members in credit unions across the country.”
(Pic: Getty Images)
